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PreMarket Prep
Back To Where We Started $AAPL $QQQ
Aug 9, 2024
Craig Johnson, a CMT analyst from Piper Sandler, joins the discussion, diving into recent earnings reports and market dynamics. They explore whether the market's response was already priced in, analyze Dell's potential as a buy, and weigh the contrasts between technical and fundamental trading strategies. Johnson critiques sector performances, particularly Intel's management challenges. The conversation shifts to the influence of ETFs on major stocks like Apple, urging investors to consider long-term strategies amidst rising market volatility.
01:04:35
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Quick takeaways
- The current market trend is flat, complicating traders' ability to establish positions due to distant support levels and resistance challenges.
- Earnings reports reveal a mixed performance among companies, where strong top-line results can be overshadowed by disappointing future forecasts impacting stock prices.
Deep dives
Market Overview and Resistance Levels
Current market conditions showcase a flat trend, with the S&P hovering just below last Friday's close. Evaluation of resistance reveals several highs around 53.72, indicating a challenging upward trajectory for stocks. Identifying support remains difficult, as recent lows are notably distant, which complicates long or short positions. Traders are left speculating whether recent gains represent a genuine market shift or merely another temporary reversal.
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